St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-03
On the Chicago Board of Trade Yester-
day the Bears Put in Some
Rather Lively Work.
During the First Five Minutes After the
Opening They Lowered the Wheat
Quotations Considerably.
A6vices From Minneapolis Indicated
Prospect fer Unusually Free Re-
ceipts the Present Month.
The Northwest Could Supply 1000 Cars
Daily if Chicago Was Provided
With Storage Room,
Special to the Globe.

Special to the Globe.
CHICAGO. June 2.-Surrounding markets
were exceedingly weak. Even the markets
east of here. which have been reasonably
strong, eased off, New York dropping s4c for
June and Baltimore &c. West of us the
wheat pits are all very weak indeed, Duluth
especially. 1t had very little effect for a
while, owing TO the steadiness of the June
option, but after n time July suffered.
Leopold Bloom sold at S6l2c, and then
offered 100000 bushels at S6Ac without a
taker The impression was early that the
clique had peg in July somewhere, but
the price went to SEC, sellers without the
peg becoming perspicuous. Wheat then
looked very weak indeed, just as weak as it
has looked on certain days before this, when
bear news seemed TO have accumulated and
when the wheat clique gave no support to
the price. There. however, was some bull
news The clearances from New York was
32S, 900 bushels, and the amount of new ex
port business done up TO noon was thirty-one
boat loads. The elevators have all prac-
tically shut down on receiving wheat, and
there are probably 100 cars side-tracked
about the city looking for
RESTING PLACE
for the wheat they have aboard. The arriv
ais are falling off, too, either naturally or be-
cause of want of storage room. Tomorrow
the estimates are for only 275 cars of wheat,
$50 of corn and 40 of oats. Corn Sympa-
thized with wheat. When the latter grain
broke for July corn sold from 3934c 39Ac
for the July option. Irwin, Green u Co. had
June for sale at S94c. They were not offer
ing at that price, but bidders could for
while get that option of them at that figure
by application. These were not frequent
enough nor heavy enough to decide whether
that firm was willing TO unload at that figure,
so the question of chief interest was left I'M
answered. This is whether the clique are
willing TO realize at present prices or are sim
ply easing the market so as to retard the send
ing of wheat here. The point is still to buy
July wheat. Very few of the local crowd are
acting on it, however, for the reason that the
receipts keep large. The opinion is divided,
too, as TO whether the clique houses are really
buying or selling July. The best opinion is
that they are buying. July fiuctuated at the
opening narrowly between S6sS@S65sc. Just
as soon as Irwin, Green d Co. went out of
the pit June went to S9s4c.
ROUTINE sEPoRT.
CHICAGO, June 1.-The bears worked July
wheat down from S65sc to S614c within the
first five minutes from the opening. Receipts
were 43 cars of winter and 1893 cars of spring
wheat. A Minneapolis dispatch to local
firm stated that farmers deliveries were
large and that receivers looked for unusually
free receipts this month. If Chicago would
give storage room, the Northwest they saw
would ship 1000 cars of wheat daily The
elevators have all practically shut down on
receiving wheat, and there are probably one
hundred cars sidetracked about the city
looking for resting place for the wheat they
have aboard. Crop news was of an encour-
aging tenor, and cables were not inspiring
After the first hour, a large share of such
strength as there was i'll wheat left the
market and prices began going back, July
selling at S61s0 seize by noon. a good deal
of the offering came from clique houses.
June wheat which opened at S94c picked
up to S9S4c, after the early trading was
stopped. Trade, however, was principally in
May were settled privately on basis of SOC
for st. Louis account. This sort of thing is
doubtless going on to a considerable extent
in June, but to what extent there is
no means of knowing. After noon
the clique cut no figure in the market,
for they were clearly unable TO lift the mar
ket out of the depression which surrounded
it. July wheat closed for the morning at
S524c. A fair degree of strength developed
in the afternoon session by reason of local
purchases and large exports. July wheat
sold from So 36G1S6I2c, closing at S6SSc;
June closed at e93sc. In the speculation
market for corn to-day there was quite active
trading. liberal business being transacted
by room traders and on orders. Most of the
scalping crowd went home long Off the
market last night, but weather conditions
{ bull turn, and so there was very general
desire to unload. July opened at 3934c. The
increased offerings had softening effect
and after pretty firm start the market
ing futures being A@Ssc under yesterdays
closings July closed for the day at 39sSc.
Oats displayed fair activity in the specula-
+ tive way, and the market sympathized more
1n1r .,-ftl Goal
one of firmness, but the opening prices were
not maintained, and the closing was rather
easy at substantially the same range as was
current last night Provisions still continue
closed at $3.50. July lard opened at $3.50,
and closed ut $685.. shortage of about
q, 600, 900 lbs in ribs over the estimate was
the main reason for the strength i'll that pro-
duct. July sold as high as S7.35.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2 June, S9Kc. closing at S97sc;
July, S6l2c, closing at s6ssc; August. SAC,
closing at $3.50; September, S3hc. closing
3S7sc; July, 39s4c, closing at 39ssc; August,
41c, closing at 41s4c; September, 17sc, clos
ing at 41Ac. Oats-No. June, 25l2c, clos
ing at 25ssc; July, 26s4c, closing at 26l2c;
26ac, closing at 26l8c. Mess pork-Per Dbl,
June S23, closing at S23. tard-per 100
lbs, June, .s6.47I2, closing at S6.45; July,
$3.50, closing at $3.50; August, SO. 67l2, clos
ing at S6.65; September S6.77l2, closing
ct 1913. Short ribs-Per 100 lbs, june,
S7:20. closing atsa;25: July, S7.27las closing
at $3.50; August, S735, closing at S7.37I2;
September, s7.47l2, closing at STATE.
Cash quotations were as follows: Flour
ruled dull and neglected.; prices are I'M
changed. No. 2 spring wheat, S9@s9lac;
No. 8 spring wheat, 7Sc; No. 2 red, SOC.
Corn-NO. 2, 37%@37ssc. Oats-No. 2,
25l2c. Rye-No. 2, sac. Barley-No. 2, SIC
Flax -seed-No. 1,S1.14l2. Prime timothy
seed S1.7S@1.S0 Mess pork, per Dbl, S23
Lard, per 100 lbs. S6.45. Short ribs Sides
loose, S7.20@7.25 dry sailed shoulders
boxed, S5.60@5.70; short clear sides, boxed
S7.50@7.55. Whisky Distllers' finished
goods, per gal, S1.l0. Sugar--Cut loaf,
6ss@65sc; granulated 6lsc; standard A, 5s4c
Receipts-Flour, 5000 bbls; wheat, 100, 600
bu; corn 202, 900 Blu; oats, loo, 900 bu; rye,
5000 bu; barley, 5000 bu. Shipments
Flour, $4,000 bbls; wheat, 5000 blu; corn,
$4,000 bu; oats, 151,000 bu; rye, 1000
bu; barley, II 900 bu. On the produce ex-
change to-day the butter market was firmer;
creamery, 14@17c; dairy, 13@16c. Eggs
were very firm at 11l2c.